An Alternative Criteria Research Methodology for Selecting a New Product

Abstract

This paper presents the methodology used in the research of a complex problem in business decision-making: determining the relative importance of criteria when selecting a new product. It facilitates obtaining recommendations for defining the relative importance of criteria and sub-criteria for selecting a new product depending on the current situation in the company (which is selecting the new product) and its setting. By applying this methodology, dependence of the criteria-relative importance for selecting a new product on the company’s degree of success can be determined. For that reason, the whole procedure has a dynamic character, and can be applied in different situations and at different times of observation. The recommendations obtained represent the input data and support for subsequent multicriteria ranking of alternatives for new products. The methodology is confirmed in practice; however this paper does not give ample details related to this, because of the aim of stressing the research procedure of criteria for selecting a new product, as well as its importance. Also, the applied procedure has importance because of its universality, given that it can also be applied to the research of the criteria for other decision- making issues, with or without adequate adaptations. Key words: methodology, research, criteria for selecting a new product.